My son wishes to buy my old house in Delaware County PA; he currently resides in house with his GF. They are planning to marry after home purchase, both are very trustworthy.
The home value is $350,000, and I plan to give gift of equity, $35,000, maybe little more. Leaving $315,000. I owe $54,000 on Mortgage. Expected Proceeds $261,000, all for down-payment on our new home.
They have a huge down-payment of $85,000 ready. So, $230,000 remains for Mortgage.
My son, Industrial Mechanic, is earning $100,000/yr, with massive OT and 3rd Shift with FICO 685 per Discover. The GF is making $17/hr, but has 770 FICO on Discover. Hopefully, no issues getting decent Mortgage.
This home sale is critical for my wife and I, since we are building a ranch home in Southern Delaware, expected completion April 1st, 2026.
My son wants Close Date December 30th, 2025. He needs Agreement of Sale ASAP to start applying for Mortgages today. I recommended applying to 4 different mortgage companies, credit union or broker. I was told 4 max since more will lower credit score...
Hopefully no tax issues holding proceeds from sale for our down-payment on our new home...
Thanks in advance for any advice. Sorry for Long Post...
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source https://www.reddit.com/r/RealEstate/comments/1p0bo0o/can_i_write_agreement_of_sale_for_family_property/
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